Indian equity indices opened Thursday’s trading session on a lower note. The NSE Nifty 50 opened 40 points or 0.16% lower at 25,945. The BSE Sensex opened 150 points or 0.18% lower at 84,955.
The Bank Nifty opened 76 points or 0.13% lower at 59,272. Similarly, the small and mid-cap stocks opened in the green. The Nifty Midcap opened 44 points or 0.07% higher at 60,360.
“The market is currently in the midst of two opposing forces: one negative and the other positive. Sharp depreciation of above 5% in the rupee and RBI’s policy of non-intervention to support the currency is a negative from the FII’s perspective. This has pushed the FIIs back to the sustained selling mode, pulling the Nifty down by 340 points from the recent record high. The positive factor is India’s improving fundamentals – robust economic growth, low inflation, supportive monetary and fiscal policies and indications of steadily improving corporate earnings,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Wipro, HCL Technologies, TCS, Hindalco Industries, and JSW Steel. On the flip side, the key laggards in the Nifty 50 pack included InterGlobe Aviation, HDFC Life Insurance, Titan, Maxhealthcare Institute, and SBI Life Insurance.
Major movers on Thursday
The stocks that were the major movers in the opening trade included TCS, Bharti Airtel, HCL Technologies, Reliance Industries, and Hindalco, which were the major movers in the morning trade.